Collections Management

How long does it take your customers, clients or patients to pay you for the products or services you have provided?

Have you developed a consistent collection management program?

Your answer to the above questions is a leading indicator as to how well you collection management is. Sending an invoice doesn't always result in payment. Successful collection management s a matter of making your payment terms crystal clear and separating collection management from new business functions, in other words - keep your emotions out of collection management!. You can't be hesitant or soft in collection management.

Collection management is a sticky subject because it can require getting tough with the very same customers that pay your salary. Many small businesses handle the collection management process in-house, either by having their sales staff with the task of collecting their accounts (talk about playing on both sides of the fence) or by using billing staff that have never had formal collection management training.

Frequently, a business will consider turning over a past-due receivable to a commercial collection agency after it has been outstanding for 90 days. At their core, collection agencies try to get the money owed by using a combination of letters and telephone calls. The are just professional and full time collection management firms.

Monitoring slow-paying accounts and adopting timely and systematic billing practices are just two ways you can help reduce your receivables using collection management.

Collection Agency Outsourcing offers you free information on collection agencies and debt collections issues.

---

Understand What Flows Through Your Business to Find Improvement

I remember once seeing a cartoon which showed two people... Read More

Controlling Your Cash Flow

IntroductionAre you looking for a way to gain control of... Read More

Implementing Change

There are different reactions that individuals experience during time of... Read More

How Your Business Can Pick A Software Developer

Eventually, your business is going to need to have some... Read More

Keeping Meetings On Track

We all have been in meetings with certain people who... Read More

What Every Manager Should Know About How to Become An Effective Executive

In his book, The Effective Executive, Peter Drucker pointed out... Read More

Diversity in the Workplace: Benefits, Challenges and Solutions

Workplace diversity refers to the variety of differences between people... Read More

Hiring Tip -- Picking The Best Candidates

I often hear leaders from all types of organizations ask... Read More

Performance Appraisal Checklist: Raise Not Just Appraise Performance

It's that time again! Perhaps the most dreaded management practice... Read More

Make a Difference - Sweat the Small Stuff First

My background is in retail management - yes, running stores,... Read More

Make It Easy to Reply - Voice Mail That Works

If you are like most business people, voice mail has... Read More

Performance Management - Getting The Most Out of Your Employees

Managing for Best PerformanceIn it's simplest form, performance management is... Read More

The Devil We Know

"I'm in an abusive relationship," sighed Andrew. "My bookkeeper annoys... Read More

Increasing Employee Retention Through Employee Engagement

You've seen it happen many times. An organization that provides... Read More

Business Knowledge Management

In the last few years a lot has been written... Read More

Lets Flourish and Prosper!

Some say that in business as in sex: if it... Read More

Best Practices Plan: Dissemination of a Great Idea

Good news spreads quickly News of the invention of the... Read More

Let the Professionals Help You Out - Outsource

As your website grows in terms of attracting more footfalls,... Read More

Auditing Improves Effective Planning

Speak of operations assessment, and we'll hear its significant value.... Read More

Poor Employee Performance: How to Deal

KEEP WRITTEN RECORDS: "Document !Document! Document!" Keep a record of... Read More

Challenge of ERP Implementation: Q and A with Rick Maurer

Question: ERPs seem like a good idea, so why is... Read More

Smart Choices: How to Hire the Best

Your organization's continued growth and success depend on making smart... Read More

Towards Intercultural Understanding

An individual's ability to forge effective relationships across cultures is... Read More

How to Say No

Rejection hurts. No one likes to give it or to... Read More

5 Ways of Increasing Business Profits

The economy may finally be turning around and showing signs... Read More

The Fairness of Office Politics... Integrity and Political Motivation!

I hear many complaints daily about the "unfairness" of politics... Read More

Out of Control?

There are papers on the floor, across the desk and... Read More

Change or Die! To Change Your Organization, Hire a Business Coach

It is a common business axiom ? change or die.... Read More

Knowledge Management - Creating a Sustainable Yellow Pages System

How can I "know who knows" None of us can... Read More

Turn Your Speech Into A Leadership Talk

My experience working with thousands of leaders world wide for... Read More

Cold Water Comments - What They Are and How to Manage Them!

Cold Water Comments - What They Are and How to... Read More

The Myth Of Relationship Selling Revealed At Last

The second you quit being the 'best deal' for your... Read More

OJT - On The Job Training

IntroductionManagers have two powerful ways of improving the performance and... Read More